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TALKING TAX:
latest news, updates
& advice from Zeal
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Newsletter Issue 2
February 2022
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January proved to be the busiest month of the year again for our capital allowances team. This January, we were amending 2019/20 personal tax returns before the 31 January deadline. This means we can reclaim any tax overpaid last year as well as reduce or eliminate tax payable for 2020/21. In total we assisted 44 different clients, unlocking over £5.9m in unclaimed capital allowances. Below is a summary of interesting cases we worked on:
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| Assisted Living Care Facilities |
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| Zeal were referred a client from an accountancy firm in the North West. The client owned a care business with over 100 sites around the UK. The company had been subject to a capital allowances review in 2015 by one of the Big 4 Tax Depreciation teams. Initially there appeared to be limited scope . . . Read more |
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| We had a great result last month for a client that had closed their hotel business in 2020/21. By making the claim in the final year of trading, we were able to obtain the full benefit of the capital allowances in the 2021 tax return. Trade losses were created that were then used against . . . Read more |
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Zeal were approached by a client that owned holiday lets, which they had acquired over the last 7 years. As the properties were all ex-residential before being used as holiday lets, they qualified for a capital allwoances claim on the buildings fixtures. The client had been speaking with another CA firm, but their accountant didn't feel comfortable with the advice given and . . . Read more
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It's been a great start to the new year for the Zeal R&D Tax team. As work begins on existing clients developing medical devices as well as another in the beauty industry, we are also taking on new client sin the software industry as wel as one developing lighting equipment. Beyond client work, contributions are being made to HMRC's proposed changes to the R&D leglistation from 2023 that will require all companies to "pre-apply" for their R&D submissions. This will naturally create an increased burden on the claiming process and so having involvement in this process is key to ensuring that HMRC create a workable solution that doesn't prejudice the majority of claimants.
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| Recently an accountant who had submitted R&D claims for many years had received their first enquiry and sought help after becoming concerned by the questions being asked by the inspector. They reached out and Zeal were able to . . . Read more |
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| Fee Protection Insurance is there to protect accountants and their clients alike. It protects the accountants fees when dealing with an HMRC enquiry as many clients have all-inclusive fee structures, so they’d expect the enquiry to be dealt with without additional costs, For those clients that do not have all-inclusive fees, having to suddenly afford several thousand pounds of accountant fees to deal with HMRC intrusions into their tax affairs can be both debilitating and concerning, especially for smaller businesses cash-flow management. |
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| Multiple scheme tidy-up for franchised practice |
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| A regional and satellite office for a large national accountancy firm sought a TFPI review to organise and merge multiple pre-existing policies after buying out a small, local practice. The firm was also seeking to streamline their administration process as the schemes already in place were with different insurers and had different renewal dates. One policy was also Client Decide / Voluntary and the other was All Client / Compulsory, adding further difficulty . . . Read more |
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| Incorporation of residential property portfolios has become a hot topic again. Last month alone we had 4 enquires for property investors looking to restructure their property business. Zeal have over a decade of experience of working with property investors to obtain the most tax efficient structure for them now and on death. With HMRC no longer giving non-statutory clearance for CGT and SDLT relief on these types of transactions, the experience and knowledge gained from past dealings with HMRC enable Zeal to ascertain what cases would meet the legislative test to obtain the valuable tax reliefs. This significantly reduces the risks of failing HMRC tests in the event of an enquiry (which can be very costly if they don’t agree!). |
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February is usually a month for Zeal to draw breath and set our targets for 2022. However, with the extension of the filing deadline for 2020/21 tax returns until the end of the month, February is busier than usual.
If you have a client or contact that owns a commercial property or holiday let, get in touch with the team at Zeal to see if we can unlock valuable tax savings. |
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Speak with one of our tax specialists Now!
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Our experts help businesses across the UK tackle challenging tax
issues. If you find yourself in a position of needing specialist tax advice
we're on hand to help. Let us know when would be a good time for
a chat, and we will call you back.
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As a member of the Chartered Institute of Taxation, and with our own in-house tax specialists, Zeal are ideally placed to support you in providing a complete tax service to your clients. We deliver our services all over the UK, no matter the size of your practice or clients.
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